Main reasons to start your Upton lease extension

Why you should start your Upton lease extension today:

A Upton lease depreciates with the years remaining on the lease.

Upton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Most owners of residential leasehold property in Upton enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Upton you would be well advised to check if your lease has between 70 and 90 years left. There are compelling reasons why a Upton flat owner with a lease having around eighty years unexpired should take action to make sure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Upton with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders may not grant a mortgage on a short lease

Many mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should be mindful that it is probable that someone wishing to purchase your property in the future might well do, so in the event that they can't get a mortgage, then the market price of the property could be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Upton?

Regardless of whether you are a tenant or a freeholder in Upton,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Upton valuers.

Upton Lease Extension Case Summaries:

George, Upton, Merseyside

Last October George, came precariously close to the eighty-year threshold with the lease on his two bedroom apartment in Upton. Having bought his property 18 years ago, the lease term was of little concern. Luckily, he realised he would imminently be paying an escalated premium for a lease extension. George extended the lease just under the wire last August. George and the freeholder ultimately settled on the final figure of £5,500 . If he had missed the deadline, the amount would have gone up by at least £875.

Upton case:

Mr C Patel bought a studio apartment in Upton in February 2004. The question was if we could estimate the premium could be for a ninety year lease extension. Comparable residencies in Upton with a long lease were in the region of £200,800. The average amount of ground rent was £65 invoiced annually. The lease terminated in 2086. Considering the 60 years remaining we estimated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of costs.